A Strict Stochastic Utility Theorem
Matthew Ryan · RePEc: Research Papers in Economics · 2015
This note strengthens the sufficiency part of Blavatskyy's (2008) {em Stochastic Utility Theorem} and corrects an error in the necessity part. To do so, we introduce the distinction between a {em stochastic utility representation} and a {em strict stochastic utility representation} for binary choice probabilities. Classification-JEL: C0, D8